Ilara Health Secures $4.2M Funding for East Africa Healthcare Expansion
Ilara Health, a pioneering health technology company based in Kenya, has successfully secured $4.2 million in debt-equity funding in a significant pre-Series A financing round.
The infusion of capital is earmarked to accelerate the company's operations across East Africa, with a primary focus on bolstering healthcare accessibility to the masses.
The company plans to achieve this by launching a groundbreaking B2B health and occupational service, which will extend healthcare benefits to uninsured workers through its network of partner clinics, all for a fixed monthly fee.
Leading the equity round with $2.5 million is DOB Equity, accompanied by notable contributors such as the Philips Foundation, along with continuing support from existing investors AAIC Investment, Angaza Capital, Black Pearl Investments, and Perivoli Innovations.
The debt portion of the investment has been facilitated by Alphamundi, Kiva Capital, and Boehringer Ingelheim.
With this latest funding round, Ilara Health's cumulative financial backing, including debt, equity, and grant funding, now totals an impressive $11.7 million.
Established in 2019, Ilara Health initially focused on leasing diagnostic devices to clinics.
However, the company has since evolved its business model, enabling healthcare facilities to acquire not only diagnostic equipment but also pharmaceutical products and essential items like hospital furniture through credit facilities.
Emilian Popa, Co-founder and CEO of Ilara Health, emphasized that this strategic shift has empowered private healthcare operators to operate fully-equipped clinics capable of delivering high-quality primary healthcare services to patients.
Popa highlighted the company's mission, stating, "In Kenya, quality of care, not access, is the issue, and our goal since launch has been to improve the standards of care; these clinics could not provide some services because of lack of diagnostic devices or do small procedures because they lacked the furniture. That is how, over time, we have become a provider or financier of all clinic needs."
Source: Annie Njanja / TechCrunch